Daily Pivots: (S1) 156.26; (P) 157.12; (R1) 158.07; More….
Intraday bias in EUR/JPY is turned neutral first with current recovery, and some consolidations would be seen. Further decline is expected as long as 55 D EMA (now at 162.38) holds. On the downside, below 156.16 temporary low will resume the fall from 166.67 to 155.14 support first. Firm break there will raise the chance that whole decline from 175.41 is resuming, and target 154.40 low next.
In the bigger picture, price actions from 175.41 are seen as correction to rally from 114.42 (2020 low). The range of consolidation should have been set between 38.2% retracement of 114.42 to 175.41 at 152.11 and 175.41 high. However, decisive break of 152.11 would argue that deeper correction is underway.
 holds. On the downside, below 156.16 temporary low will resume the fall from 166.67 to 155.14 support first. Firm break there will raise the chance that whole decline from 175.41 is resuming, and target 154.40 low next.){kind=link}